I would like to offer my opinion about business cards and networking for wholesalers. I am new to this business and want to do everything to the best of my ability.I have not closed a deal yet and I hope that anyone reading this will take what I say with a grain of salt, and make their own responsible decisions when it comes their business. If anyone has any additional input I would greatly appreciate any responses you may have. Thank you in advance!
Yes! I think it is important to have a good quality professional business card (or cards depending on what you do), however just because you have an attractive business card does NOT mean you have a business.
I like focus more on understanding what I am going to say before I hand out my card to anyone, instead of what my card says or looks like.
For example, last week at a local REIA meet up I was given several business cards from people who were just starting out in this business. Some of them said they wanted to talk with me after the event, and others did not have much to offer and did not seem confident in what they wanted to do. As a wholesaler, I hand my business cards out to other people ONLY after I build rapport with that person. Like other investors have said on BP you should have investors and potential buyers itching to get your business card from you before you hand it out.
This is my approach for handing out business cards to...
1. Other wholesalers- When first starting out I think other wholesalers can be a great way to find deals without even looking for them, and you should not avoid your competition. Because my buyers list is large & growing,and a lot of new investors struggle to analyze deals properly, I encourage other wholesalers to reach out to me if they are having trouble closing a deal or would like my advice. I think a 50/50 split on the assignment fee would be great for me and the other wholesaler who is having trouble getting their contract sold.
2. Buyers( rehabber's, land lords, buy and holders, etc) What I try to accomplish with buyers before handing out a card is to talk to them about the properties they are interested in while simultaneously telling them that I am looking to wholesale properties to them. I also find out what type of deals they look for, what their goals are, how much they typically spend on a property or repairs, and start a friendly conversation about real estate. I like to see if I can meet their needs with any deals I come across and spend a maximum of two minutes "networking" with them. After building a solid rapport with the prospective buyer and learning that they may be interested in my deals, I encourage them to contact me using the info on my card and direct them to my website where they can fill out information and hopefully be added to my buyers list if they choose. I would recommend asking people first before adding them to any type of list. Or sending them an email without their permission as I find this to be invasive and unethical .
I have seen people who network inefficiently with little or nothing to offer, and in turn, nothing to receive. I hope that my advice will save you money on business cards, and open your mind to this particular approach before handing them out.
Best of Luck,
Zach
